Birmingham second quarter home sales rise 10.1 percent in 2016
Home sales in the Birmingham metro increased 10 percent during the second quarter over the same period during 2015, according to data from the Birmingham Association of Realtors.
For all of the Birmingham area’s housing data, click here.
BAR recorded 4,345 home sales during this year’s second quarter, compared to 3,947 last year.
The five-year average for the second quarter between 2011-15 was 3,367, which is 29 percent below the 2016 mark.
After bottoming out during the second quarter of 2011 (2,655 sales), Birmingham has rebounded with positive growth during the quarter each year since.
Pricing was also up for the Birmingham area during the second quarter, with a median sales price of $190,667, up from $188,500 a year ago. This was also a 14 percent increase over the five-year average of $167,158.
Home prices have risen in the area as supply has declined from its 2008 peak of 13,124 units to 7,373 units on the market during the second quarter of 2016.
There were 5.1 months of housing supply on the market in Birmingham during the second quarter. The market is considered to be balanced at approximately 6 months of housing supply.
The Birmingham Residential Quarterly Report is developed in conjunction with the Greater Alabama MLS and the Birmingham Association of Realtors to better serve Birmingham metro-area consumers.